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Search Results 0 to 29 of about 30 (some duplicates have been removed)
washington will find out what wall street thinks of congress' last ditch compromise. >> we will talk more about this latest deal. for that i am joined by our business correspondent. as we heard hard fought compromise in the senate at least but not everybody seems to be too satisfied. >> it is a compromise. both sides had to withdraw from their original positions. democrats wanted to raise taxes for yearly family incomes starting at $25,000. now it has been pushed to $450,000. if you look at the republicans they preferred to not raise any taxes at all. that idea did not succeed at all. but there is a feeling of relief that the deal has been reached. you have to keep in mind the compromise needs to pass the house of representatives with the republican majority. >> if it does pass will it be effective and solve the budget problem in the united states? >> no. major issues have not been addressed so far. if you look at the questions of automatic spending cuts and other federal programs they have been postponed for two months. and also included in this debate the u.s. once again reached their d
that gets us by while we tackle the larger issues in the next congress. i pray god that next congress is more willing to compromise than this. >> democrats in the house met with vice president joe biden today. he's urging their support for the deal passed by the senate. the holdup on the other side seems to be a desire for much more in the way of federal spending cuts. it's still a game of wait and see with severe consequences for most americans. being staying on top of the hill and have the very latest for you tonight on the 10:00 news. >> all right. let's join fox 5 political analyst to get more insight on this. mark, how is the president i guess going to claim total victory if in fact he's raising tax rates on the rich but ultimately going up. he said it was 250,000 and now gone up to 4 or 450. >> that's right. plan b, john boehner, the leader of the rublicans offered to do it at a million. in a way, the republicans were defeated in terms of getting it up to a million. they never got a vote. everybody is going to get a tax increase that has nothing to do with this bill because of t
? >> this is about the art of compromise. when congress waits until the last minute to address a bill here we are january 1st and they are addressing a bill that expired last night. >> you mentioned the debt kreeging we hit it yesterday. we had security measures in effect. that will put it off for two months. but then we will be right back here at the bargaining table. our credit rating dropped the last time we had this debt ceiling debate. is the >> no question we will be back in two months having this discussion. credit rating is in trouble. congress has to look at the spending side. the bill does nothing for spendi spendispend. that matters to americans because it effects every sij american by having a higher interest rate. it's very important. both sides were together cooperating and finding a way to cut spending. >>> thank you soichl. so much. >> thank you. happy new year. >> 48 after the hour with the new year come a slew of new laws including some that could surprise you such as a ban on letting pigs run wild. some lawmakers quenching their thirst for regulations with this plastic wate
. this congress unfortunately has been most known for a unwillingness to compromise, an unwillingness to come together to act on behalf of the american people. today is january 1st. taxes will be going up on everybody in america. in america if we don't act. those relying on unemployment insurance, millions relying on unemployment insurance to make sure they can support themselves and their families. if we don't act, we will be at risk. vice president biden has worked very hard to come to a compromise. by definition a compromise has elements in it that each party does not like, but by definition it has things in it each party should like of the the speaker said that if the senate passed a bill he would put it on the floor for a vote. the leader has pointed out we expect that to happen. we think that's in the best interest of the american people. we hope that our colleagues on the other side of the aisle can reach compromise. our members are reviewing the specifics of the compromise that has been reaped to determine whether they can support that compromise. i am hopeful that this congress will
that has been reached to determine whether they can support that compromise read i am hopeful this congress wil will as one os last acts acts not only on this compromise, but also very hopeful and would expect we would provide the emergency assistance needed for the victims of sandy. one of the countries worst storms in history that damaged the northeast so badly, i'm hopeful we can move on both of these issues and that we will have members on both sides who perhaps will not agree, but hopefully we will have members on both sides who will agree, and we will act as the american people expect us to do so. >> we will hear from incoming vice presidents. >> thank you. i will be very brief. the difference between a divided government and dysfunctional government is the willingness to compromise. we saw that in the senate as leader nancy pelosi, that means looking at an agreement and deciding whether unbalanced, helps move the country forward. and we're hopeful that republicans on the house will do as democrats and republicans did on the senate, and wailed equities deciding at the end of the day t
that has been reached to determine whether they can support that compromise. willopeful this congress act not only on this compromise but i am also very helpful, and would expect, we would provide the emergency assistance needed for the victims of hurricane sandy. worst the country's storms in history against the northeast. i am hopeful we will be able to move on both of these issues and that we will have members on both sides, who perhaps will not agree, but hopefully we will have members who will agree and we can act as the american people expect us. >> we will hear from the incoming vice chair. >> i will be very brief. i think the difference between a divided government and dysfunctional government is the willingness to compromise. we saw that in the senate, as nancy pelosi and mr. hoyer have said. that means deciding whether it it helps move the country forward. we are hopeful that republicans on the house will do as democrats and republicans did on the senate. decide at the end of the day not everybody gets 100% of what they want. democracy means a willingness to come together for th
think congress can pull off some sort of fiscal cliff compromise before major economic fallout sets in, there's one thing you need to be prepared for, for many of you, your paycheck will go down in the new year. here's why. the payroll tax was cut by two percentage points over the last two years to give the economy a little nudge. experts say that tax holiday is coming to an end and the small tax break adds up big over the course of a year. the center on budget and policy priorities says it's about $100 billion that will come out of our paychecks and go to the tax man. goldman sachs says that ending the tax holiday would shave 0.6 percentage points off economic growth next year which is not predicted to be all that strong anyway and here's the impact on you. let's say you make $50,000 a year, that's an extra $20 out of every single paycheck every week. doesn't seem like a lot of money but when you do the math, it sure adds up. that's $1000 you won't be taking home in 2013. jessica doyle, 9 news now. >>> angry, frustrated and confused, that's how many americans say they are feeling as w
to compromise a deal. congress can retroactively deal with a tax hikes, as well as preventing automatic spending cuts sequestration from happening. the sequestration kicks in on wednesday. that -- this deal, if the house approves it cannot -- approves it, whether they will amend it. for the rank and file to come out as well. we will bring you those events when they happen. on thist your take fiscal cliff deal. david in louisiana, republican caller. caller: i feel this bill is not really accomplishing anything. if we keep ignoring what we are doing with the tax dollars, iciest of money going to refuse -- i see this money going to a very few states and individuals. it is not stimulating manufacturing here. we are buying chinese solar panels and trying to offset that by putting tariffs on imports. it is a big joke. i'm not speaking just on the federal approval. that is just one example. we've got to have oversight and planning. we've got to do something that will not have long-range negative impacts. we've got to control spending. it is not a democrat or republican gain. we have to be realistic abo
to determine whether they can support that compromise. i am hopeful this congress will as one of its last acts not only on this compromise, but also very hopeful and would expect that we would provide the emergency assistance needed for the victims of sandy. one of the country's worst storms in history that damaged the northeast so badly. i'm hopeful we will be able to move on both of these issues. and that we will have members on both sides who perhaps will not agree but hopefully we will have members on both sides who will agree and we can act as the american people expect us to do so. >> why don't we ask -- we'll hear from the incoming vice chairman as well. >> thank you. thank you. i'll be very brief. i think the difference between a divided government and dysfunctional government is the willingness to compromise. we saw that in the senate, as leader pelosi and our whip mr. hoyer have said. that means looking at an agreement, and deciding whether on balance it helps not democrats or republicans, but whether it helps move the country forward. and we're hopeful that republicans on the house
compromise, what the country wanted, and we'll have to go to congress and find out exactly what else can be done for us to move the country forward financially. i would say this is a big victory for the president and for the people this is what the people voted for. >> you know, it's not just republicans who are members of their own party are against it. there are democrats who don't like it either. as a matter of fact, i'm heard you say the afcci 06r7b come out, literally within seconds of if being announced. they don't think it goes far enough. >> i would take issue with that. i heard what you said, and the middle class tax cuts are protected. the big three, medicare, medicaid, social security are protected. the wealthiest americans will pay more. look, they are upset because it's going from $250,000 to $400,000 on a single and $450,000 on a couple. that means nobody is going to be paying any extra tax until after this level. this is one point that the white house decided to give a little room on negotiation. but at the end of the day, this will help the economy if you believe there is
nights like this where we're up against the clock and congress has to act and the president -- they have to figure out how to compromise or watch automatic headaches kick in. >> chuck todd is going -- it's going to be a long night. thanks for being with us on wall street today, this final trading day of the year. investors were hopeful of a deal would be worked out by the time the closing bell rang at 4:00. stocks soared to their highest point today. capping an up year. the dow finished 166 points up, the nasdaq rose 59 points and the s&p 500 was up almost 24 points on the day. for the year, the dow finished with a 7% gain. the nasdaq was up almost 16% this year and the s&p 500 gained more than 13%, a very strong year for stocks. so let's bring in cnbc's senior economics reporter steve liesman. steve, we just said the market was way up today, they thought we would have a deal. now we're headed over the cliff. this can't be good news for our economy. >> reporter: it definitely would not be. and if you take all the things that kelly mentioned and add them up, that's about a 4% hit to gross
way. my colleagues, let's join together today. let's show the american people that this congress is not broken. that we are not so dysfunctional that we can't at minimum work together, come to agreement, compromise. let's get this done. this is too important for the american people to let this go one more day. please join me in supporting the fiscal cliff bill today. yield back my time. the speaker pro tempore: the gentleman yields back. for what purpose does the gentleman from virginia seek recognition? >> i ask unanimous consent toe address the house for one minute -- to address the house for one minute. the speaker pro tempore: without objection, the gentleman from virginia is recognized for one minute. mr. connolly: thank you, mr. speaker. we are about to have a hold your nose vote here in the house of representatives. and many of us are going to wrestle with the problem of making perfect be the enemy of the good. we do have an opportunity to stabilize taxation for 899 -- 99% of all americans. to extend appreciation and investment expansion for small businesses. to make sure
with members of congress, the democrats, obviously, to push forward on negotiations to make sure that the house passes some version of a compromise to make sure that the country does not face severe tax hikes, as well as spending cuts. there is a deal on the senate side now, the house has to convene and figure out whether or not they approve of that version, whether they are going to amend it or if they've got their own version in hand and that, of course, is the work of the vice president as well, even if the fiscal cliff deal is passed, many of us going to end up paying more taxes than we did last year, that's because the payroll tax cut was allowed to expire. nobody's trying to revive that. i want to bring in our business correspondent christine romans to join us, talk about this. what is the difference here? this tax cut, it's been around since, what, 2009 or so, to boost the economy. tell us how the payroll tax is different than the others. >> the payroll taxes come out of your paycheck automatically and used to fund social security. costs dids 120 billion for the treasury department to in
hamilton on supermajority rule. and he said supermajority rule in congress would lead to -- and i quote -- "tedious delays, continual negotiations and intrigue, contemptible compromises of the public good." that's what hamilton thought. you know that overlays pretty well with a lot of what we see on the floor of the senate today. how about madison? madison had commentary on this. and he said "the fundamental principle of free government would be reversed" if this chamber did legislation by supermajority. why did he say that? because it would mean the path chosen by the few would prevail over the path chosen by the majority. there's a lot of nostalgia when people think back to a time when the filibuster was an instrument of principle. many americans think about this. they think about the movie where jimmy stewart portrays jefferson smith, a new newcomer to the se. he comes to the well of the senate, and he fights for the principle of avoiding corrupt practices regarding a voice cam. he didn't have to take the floor and demand a supermajority vote, blocking a simple majority. but he was d
deadline, senate majority leader mitch mcconnell and vice president joe biden emerged with a compromise on taxes and agreed to wait on slashing spending. >> this was the mini cliff. the big cliff still lies in front of us. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush-era tax cuts remain in place for individuals earning as much as $400,000 a year, far above the 250,000 level on which president obama campaigned. but those making more will see higher income taxes, capital gains, plus a new health care reform surtax. rob wood says you'll notice in your paycheck one popular tax cut will be history. >> the average person, say, earning $50,000 a year is going to pay about $1,000 more in payroll taxes in 2013. >> reporter: the fiscal cliff agreement also increases taxes on estates worth more than $5 million and extends unemployment benefits for one year and keeps the ch
closely with congress, and, again, i -- often i'm -- i'm critical for congress for not coming to the table and compromising. critical for trends for saying my way or the highway. but at some point, we've got to take care of a lot of people like folks in my district, who through this deal will at least be able to get unemployment benefits, and a number of others that mean something to middle class families. >> are we setting up ourselves for fight after fight on budget issues in this country? i don't feel like we've fixed the problems with the process. i'm real worried about two years, three years, ten years of fiscal cliffs because we have huge debts, huge deficits. >> christine, you asked the perfect question. that's my worry. and we've got the debt ceiling debate coming up in about two months, and that was something at one time, and subpoenaing a lot of time is you did get it. at some time we have to change our politics in washington. one of the good things about getting this done, although we may not like it, at least it says to the american people they put their heads together and able
people in congress right now who see compromise as a dirty word. they see it as a like a four-letter word, as something they have to stay away from. and it is not, not just the gop. because many democrats also run against washington. run against government. >> jehmu is exactly right. rick: dee dee, last word here. 10 seconds. >> the fat cats are not getting it done. we need to forget rid of them. forget it. it is not a good deal. we need to do what is right for the american people and this ain't it. rick: happy new year. happy and healthy. see you again real soon. heather: amateur video capturing a harrowing moment whether a rescue helicopter crashes into the water off of a crowded beach in brazil. take a look. police say that this chopper was trying to rescue a drowning swimmer when it suffered engine failure. you can see what happened next. look, plunging into the ocean. well the good news the crew managed to escape before the helicopter began to sink. the four crewmembers and the stranded swimmer, by the way all able to swim to shore. they survived with minor injuries the helicopter wa
the american people, move on to the other areas of disagreement. maybe we can even find some compromise. >> suarez: representative van hollen, let me turn to you. in this sort of situation, the clock is running. the congress is coming to its final hours. what does a minority party do in a situation like this? can you keep all your members poised and ready to go until such time as the majority is ready to call the motion? >> well, yes, we can. ray, what we have here is a very alarming situation. you had a bipartisan compromise vote in the united states senate. 89 out of 100 senators republicans and democrats together for the good of the country and to avoid the fiscal cliff passing this agreement. now you have the situation in the house right now where we the democrats have asked for an up-or-down vote on that bipartisan compromise bill and so far the word we're getting is we're not going to have that opportunity. that is a clear signal that republicans in the house are taking us right over the fiscal cliff. i wished the entire republican caucus was as reasonable as the colleague of mine
unemployment benefits for some 2 million people. since congress missed the deadline last night, technically the country has already gone over the fiscal cliff. the bush-era tax cuts have expired so everybody's tax rates have gone up but if a compromised bill is passed, retroactively they can pass it. >> this represents the least we could have done under these circumstances. >> it fails to address the mortal threat -- uncontrolled spending. >> reporter: there's one deadline they cannot ig know. >>> the new congress begins monday at 12 p.m. karen travers, abc news washington. >> we have more at abc2news.com. just head to our home page and look for the featured stories. >>> all right. a lack at maryland's most powerful radar. very little of that precipitation has made its way north. all of it well, well south. conditions are still dry. clouds are holding tough around the area. that storm is staying south and still pretty cloudy around here. again, we stayed nice and dry. upper 30s in reisterstown, hick core ri and man chester. 42 in pape pea. cloudy and dry, getting cold. colder still as we go
a compromise. >> now today it appears that an agreement to prevent this new year's tax hike is within sight. but it's not done. there are still issues left to resolve, but we're hopeful that congress can get it done. >> senate republican leader mitch mcconnell said the two parties had reached an agreement on taxes. they are believed to have agreed to extend tax cuts for middle income earners. people earning more than $450,000 per year will see their taxes go up. that's far higher than obama's original proposal. they have yet to agree to suspend spending cuts. the democrat led senate is expected to pass the bill on new year's eve. the republican led house says it will not vote on the bill before the midnight deadline. members of congress are expected to work on a stop gap measure to prevent any serious fiscal impact. the fiscal cliff has become a term many people even outside the financial markets are talking about. if the u.s. economy falls off this cliff, ripple effects are expected. >> reporter: the term fiscal cliff has been making headlines recently. here's a brief explanation. it's a t
at congress with disdain and rightfully so. with the deadline on the fiscal cliff only hours away, we have failed to reach a reasonable compromise to move the economy forward and ward off painful tax hikes on the middle class. >> senate republicans are hopeful there will be a vote tonight. first, they would like an official score from the congressional budget office. so plenty of activity ahead here on the hill tonight. and if there is a vote and if it were to pass, then the house would pick it up tomorrow, bret. >> bret: just to be clear, mike. tonight, there is still a possibility, in the senate, because of the way it works, that you would have to get 60 votes to get the thing to the floor, it's not really clear that they have all those votes yet. >> that's right. we have talked to some senate democrats off camera who say they think a lot of their members support it. and it's a vocal minority who don't like it a be in of republicans i have talked to say it's not a perfect deal. it's a compromise. probably doing the right thing to keep the country from going off the fiscal cliff. they do
for two months so the white house and congress can have more time to debate them. democrats and republicans agreed to a compromise. they say not acting could have had devastating consequences. >> we don't think taxes should be going up on anyone. but we all knew that if we did nothing, they'd be going up on everyone. >> it is now up to the house to vote on that proposal. >>> this morning, police in prince william county are mourning the loss of one of their own killed in the line of duty. 35-year-old officer chris young who you see there was responding to an accident yesterday when he slammed his motorcycle into a minivan on a nokesville road in bristow. when the vehicles collided, they burst into flames. young died and the driver of the minivan was not injured. still no word if any charges will be filed against the driver. >> the search is on for the driver who ran over a 16-year-old girl and then took off. jackson was crossing a busy new york avenue in northwest friday night when she was hit by a car. police say she was in the street but outside the crosswalk. the driver o
and congress can have more time to debate them. democrats and republicans agreed to a compromise. they say not acting could have had devastating consequences. >> we don't think taxes should be going up on anyone. but we all knew that if we did nothing, they'd be going up on everyone. >> it is now up to the house to vote on the proposal. president obama released a statement shortly after the senate voted that reads in part, "tonight's agreement ensures that going forward we will continue to reduce the deficit through a combination of spending cuts and new revenues from the wealthiest americans. i will continue to fight every day on behalf of the middle class and all those fighting to get into the middle class to forge an economy that grows from the middle out, not from the top down." >>> but the house may not be ready to vote just yet. house speaker john boehner says his team needs to review the measure before deciding to schedule a vote on it or trying to change it. the white house hopes to have president obama's signature on the legislation by the time the new congress takes office at noo
possibly see the next snow flake. >> thank you, olga. >>> they missed the midnight deadline but congress may still get a deal done on the fiscal cliff. the senate passed a compromise bill very early this morning. >> next it goes to the house where the bill could be facing some pretty stiff opposition. delia goncalves is live on capitol hill with an explanation on that. delia, good morning. happy new year to you. >> reporter: happy new year, mike. welcome back, andre ya. we thought they were -- andrea. we thought they were close. they came to a deal last night but house republicans say it may not look too good after all. the sticking point we're seeing is the spending cut. the senate bill delays the spending cut for another two months. president obama said yesterday that he wanted to include that into the bill but in order to get it passed, he had to compromise himself. let's take a look at some video shot yesterday on the senate floor of the house. the 89-8 vote was cast around 2:00 a.m. the bill permanently extends the bush era tax cuts for 99% of americans. current spending levels will
the senate for the day. putting more pressure on house republicans to either pass the senate compromise on the fiscal cliff or kick the effort down the road to next congress. >>> it is a day of mourning in the ivory coast. and new year's celebration turned tragic early this morning when thousands tried to leave a fireworks show. more than 60 people were killed in the stampede. hundreds of others were injured. police say that most of the victims were children. a witness told reporters security forces showed up and tlig triggered panic. fireworks show was supposed to celebrate peace in the nation. >>> all flights in and out of syria's largest city are canceled tonight after clashes between the military and rebel forces. rebel leaders threatened to target all aircraft. they believed the syrian government is using commercial craft to bring in weapons. fighting intensified today in damascus suburb. syrian military claims to have killed rebels during an air attack there. today the president of the syrian council called on other countries to help in the rebel cause. >> i hope that the communit
that this is a modest goal that we connect ambush. democrats, republicans in congress set to get this done. this is a modest goal that we can accomplish. >> reporter: for a tax hike for couples earning more than 450-thousand dollars a year. that's a compromise. between what the president wanted and what republicans wanted. the deal also calls for the extension of unemployment benefits and sources say the deal also delays by two months the automatic across the board spending cuts. that two month delay will end up being payed for half with tax revenue and half wiwith spending cuts. for some this is a way to get this legislation through. for others it's a matter of kicking the can down the road. and delaying the tough choices for another day. >>> now the senate is expected to vote tonight, if they can get the bill drafted in time. if it passes it goes to the republican-controlled house of representatives. they are due to meet tomorrow at noon eastern time. at this point it is unclear if house leaders boehner and cantor are on board. so while there is optimism tonight, we could end up going b
complain speaker, the american people are looking at congress with disdain and rightfully so. with the deadline of the fiscal cliff only hours away. we failed to reach a reasonable compromise to move the economy forward and ward off painful tax hikes on the middle class. >> a lot of people feeling like in both the house and the senate this process could have been handled much better a long time ago with open hearings rather than having two people negotiate this deal at the last minute, trace. mike emanuel back to us on capitol hill. any updates as they come in. thank you. on this day in 1938, police tested the world's first
%. but even with all these compromises, it is likely that most of us will be shelling out more cash to the irs come next year. >> you know, keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously, the agreement that's currently being discussed would raise those rates and raise them permanently. [ applause ] >> now -- >> guess what. you may not get any more revenue. you may not get any more economic growth. but you can say, i stuck it to the rich people. >> reporter: only capitol hill, the blame game is in full throttle with just a few hours left before we take the "fiscal cliff" plunge at midnight eastern time. >> i want everyone to know i'm willing to get this done, but i need a dance partner. >> reporter: vice president joe biden and senate minority leader mitch mcconnell have been trying to hammer out a last-minute agreement. they have agreed on a few issues but both sides are making concessions. if the deal passes, it looks like democrats will keep popular items like a five-year extension on the child
-9 roll call through the senate shows it, but i want to make clear, it is a senate compromise. and as luke was saying, i don't know what with certainty that it will go through. the big deadline now really is noon on thursday, when the new congress is sworn in. you know, i'm betting it will go through because even though there are members on the left and the right that don't like this, move on said that they did not like the bill, there's going to be enough members to have a bipartisan roll call, a rare thing in the house, if, if -- >> and does the house want to be seen as the ones who scuttled middle class tax cuts? >> some in the house do, yes. there are a lot of house republicans who are morally opposed to tax increases, and i think some of them will not agree to any kind of compromise like this, as it essentially is a tax increase, and some democrats didn't like how the deal was constructed, either, but i don't think the overall house will let this go. i think you'll find 118 reluctant votes in the house. a lot of house members don't like the details. many democrats didn't love all the
Search Results 0 to 29 of about 30 (some duplicates have been removed)